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FMC (NYSE:FMC) Could Be Struggling To Allocate Capital

FMC (NYSE:FMC) Could Be Struggling To Allocate Capital

联邦海事委员会(纽约证券交易所代码:FMC)可能难以配置资本
Simply Wall St ·  05/22 09:01

To find a multi-bagger stock, what are the underlying trends we should look for in a business? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after investigating FMC (NYSE:FMC), we don't think it's current trends fit the mold of a multi-bagger.

要找到一只多袋装箱的股票,我们应该在企业中寻找哪些潜在趋势?一种常见的方法是尝试找一家公司 回报 论资本使用率(ROCE)在增加的同时增长 金额 所用资本的比例。归根结底,这表明这是一家以更高的回报率对利润进行再投资的企业。但是,在调查了联邦海事委员会(纽约证券交易所代码:FMC)之后,我们认为其当前的趋势不符合多袋机的模式。

What Is Return On Capital Employed (ROCE)?

什么是资本使用回报率(ROCE)?

Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. The formula for this calculation on FMC is:

为了澄清一下你是否不确定,ROCE是评估公司从投资于其业务的资本中获得多少税前收入(按百分比计算)的指标。在 FMC 上进行此计算的公式为:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

已动用资本回报率 = 息税前收益 (EBIT) ¥(总资产-流动负债)

0.057 = US$477m ÷ (US$12b - US$3.6b) (Based on the trailing twelve months to March 2024).

0.057 = 4.77亿美元 ÷(120亿美元-36亿美元) (基于截至2024年3月的过去十二个月)

So, FMC has an ROCE of 5.7%. In absolute terms, that's a low return and it also under-performs the Chemicals industry average of 8.8%.

因此,联邦海事委员会的投资回报率为5.7%。从绝对值来看,这是一个低回报,其表现也低于化工行业8.8%的平均水平。

roce
NYSE:FMC Return on Capital Employed May 22nd 2024
纽约证券交易所:联邦海事委员会2024年5月22日动用资本回报率

Above you can see how the current ROCE for FMC compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free analyst report for FMC .

在上面你可以看到联邦海事委员会当前的投资回报率与其先前的资本回报率相比如何,但从过去可以看出来的只有那么多。如果您有兴趣,可以在我们的免费联邦海事委员会分析师报告中查看分析师的预测。

So How Is FMC's ROCE Trending?

那么 FMC 的 ROCE 趋势如何?

We weren't thrilled with the trend because FMC's ROCE has reduced by 61% over the last five years, while the business employed 27% more capital. However, some of the increase in capital employed could be attributed to the recent capital raising that's been completed prior to their latest reporting period, so keep that in mind when looking at the ROCE decrease. It's unlikely that all of the funds raised have been put to work yet, so as a consequence FMC might not have received a full period of earnings contribution from it.

我们对这一趋势并不感到兴奋,因为联邦海事委员会的投资回报率在过去五年中下降了61%,而该业务使用的资本增加了27%。但是,动用资本的增加在一定程度上可能归因于最近的融资是在其最新报告期之前完成的,因此在考虑投资回报率下降时请记住这一点。筹集的所有资金还不太可能全部投入使用,因此,联邦海事委员会可能没有从中获得一整年的收益捐款。

What We Can Learn From FMC's ROCE

我们可以从联邦海事委员会的投资回报率中学到什么

From the above analysis, we find it rather worrisome that returns on capital and sales for FMC have fallen, meanwhile the business is employing more capital than it was five years ago. And long term shareholders have watched their investments stay flat over the last five years. That being the case, unless the underlying trends revert to a more positive trajectory, we'd consider looking elsewhere.

从上述分析来看,我们发现相当令人担忧的是,联邦海事委员会的资本回报率和销售额有所下降,同时该业务使用的资本比五年前还要多。在过去的五年中,长期股东一直目睹他们的投资保持不变。既然如此,除非潜在趋势恢复到更积极的轨迹,否则我们会考虑将目光投向其他地方。

On a final note, we found 4 warning signs for FMC (2 are a bit concerning) you should be aware of.

最后,我们发现了你应该注意的FMC的4个警告信号(2个有点令人担忧)。

If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.

如果你想寻找收益丰厚的稳健公司,可以免费查看这份资产负债表良好且股本回报率可观的公司名单。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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